Vikas Lifecare Share To Be In Focus As Company Approves Conversion of 2.30 Crore Warrants Into Equity Shares

Shares of Vikas Lifecare will be in focus as the high-end speciality chemicals major Vikas Lifecare Limited has informed exchanges over the weekend that that its board of directors has approved the conversion of 2.30 crore warrants into the same number of equity shares of face value of Re 1 each at an issue price of Rs 4 each.
According to the company, the conversion of these warrants has been approved after it received 75 per cent of the issue price.
The new equity shares so allotted shall rank pari-passu with the existing equity shares of the Company.
“Considered and approved the allotment of equity shares on conversion of 2,30,00,000 warrants into 2,30,00,000 equity shares of face value of Re. 1/- each at an issue price of Rs. 4/- each (including a premium of Rs. 3/- each), to “Promoters” and “Non-Promoters, Public Category”, on preferential basis, upon receipt of balance amount aggregating to Rs. 6,90,00,000/- (Rupees Six Crores and Ninety Lakhs Only) at the rate of Rs. 3/- (Rupees Three only) per warrant (being 75% of the issue price per warrant),” the company said.
Meanwhile, the subsidiary of the company has won an order for the most advanced state-of-the-art Ultrasonic Gas Meters. According to the company, Ultrasonic meters are being replaced worldwide to bring down commercial gas losses (LUAG).
“These meters are a super specialty product, based on the world renowned Ultrasonic Technology which has been tried and approved in the most testing conditions and critical sites worldwide,” the company said in an exchange filing.